Almost everyone is talking about the fact that things are beginning to look up in the real estate market. From where we were last year, that is definitely true in Alamance County, NC. One article I read today from NAR indicated that NC was ranked the #2 state for business, 2nd only to Texas. Considering Burlington's unemployment rate is currently at 13.2%, that's encouraging and promising for the future of real estate.
So here are just a few stats to give you an idea of how the real estate market is doing in Burlington, NC and Alamance County.
Price Range % of Total Sales Monthly Inventory Supply
$0-100,000 31.42% 8.8 Months
$100,000-250,000 64.50% 10.1 Months
$250,000-500,000 7.18% 17.9 Months
$500,000-750,000 .004% 36 Months
$750,000+ 0% ?? Months
Average Closed Days on Market = 133 Days
Average Home Price = +7.1% ($150K)
Median Price = +14.51% ($142K)
As you can tell, homes under $250,000 are definitely what is selling in Burlington, NC. This is true in many areas saturated with foreclosures and short sales. 2010 is off to a good start compared to 2009 and I'm looking forward to a more promising 2nd quarter.